Holiday shopping will be here before you know it, which could make some new tools on one website particularly helpful for thousands of families. The New York Times reported on October 1, 2012, that the website CardHub.com introduced calculators that help consumers decide the best option for paying down their credit card debt .
The website features a “credit card payoff calculator” that lets you enter the amount of debt you aim to pay off, the card’s regular interest rate (plus any introductory rates) and the length of time over which you would like to pay off the debt. The Times reported that the calculator not only tells you how much you will need to pay each month, but how much you will pay in interest as well.
According to the Times, the tool also recommends other credit cards that could have more favorable terms than your current card. CardHub Chief Executive Odysseas Papadimitriou told the Times that “it might make sense to seek the best deal you can get and pay off your debt in the most cost-effective way,” but cautioned against applying for a new card just save on interest if you expect to apply for significant credit in the near future, such as a mortgage.
The tool can also be beneficial if you plan to incur some debt and simply want to evaluate the best way to pay it off. According to the Times, “two other versions of the tool let you compare different credit cards, and another takes into account any balance-transfer fees you might pay.”
Are you overwhelmed with credit card debt? You should know that you may able to discharge your unsecured debt by filing Chapter 7 bankruptcy , or you could end up paying back a fraction of what you owe through a Chapter 13 repayment plan. If you wanted to see whether you qualify for Chapter 7 or Chapter 13 , contact our firm now at (866) 930-7482 or use the form on this page to have our Chicago bankruptcy lawyers review your case.
Benjamin Brand Services – Chicago bankruptcy attorneys